Here are 12 facts about personal finance that you probably don't know, according to SpendMeNot.

The ability to understand finances and budgeting is a life skill that most people learn the hard way. Overspending and seeing bills pile up is a rude awakening. However, education on the subject can help your decision making and budgeting skills. These 12 facts around personal finance are scary.

  1. Only 24 percent of millennials demonstrate basic financial literacy.
  2. 44 percent of Americans don't have enough cash to cover a $400 emergency.
  3. More than 40 percent of student loan borrowers aren't making payments.
  4. 38.1 percent of US households have credit card debt.
  5. Around 33 percent of Americans have no retirement savings.
  6. Only around 25 percent of Americans have a written financial plan.
  7. Only 30 percent of Americans have long-term financial goals.
  8. In 2017, the median household income was $60,000.
  9. Statistically, 45-54-year-olds earn the most income.
  10. 80 percent of retirement plans entail continuing work.
  11. 58 percent of US citizens have less than $1,000 in the bank.
  12. 70 percent of Americans believe they need to work on their finances.

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